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Tn~e. ~n orda tp protK,t *a~ ~uW tM s~cunty ot tlrs matp~p~. tM Matp~9a. ~op~tM~ w~th. ~nd ~n add~~wn co. ~M monildy Wrm~~ts unda iM cerms ot tM
raa s~cur~d I~r~y. ~{A~ ~al»d p~Ym~nt d~t~ 01 ~~ch month unt~l tM s~~d ~ot~ ~s luuy pad. w~11 p~y lo th~ Assoustwn tM IoNOw~np sums '
• An ~nsNlim~nt o) tM tia~s ~nd ~ss~sam~~b I~v»d a to b~ bvNd ~ys~nst IM q~m~s~s cov~rW by ltrs matp~pe. and ~n uistst~m~nt ol IM W~mwm t
a p~mwms [Mt wdl WtaM dw ~nd p~Y~M to r~t»w iM u~wr~ot~ on tM pnm~s~s towrW M~tby sps~nst bs~ by lu~. and w~ndstwm. ~s prw~d~d
ia by parp~~pA 3 p~cW~+p. a wch oU+K AuaM as_ maY nasoo~Wy D~ rpuu~d Oy tM Assoc~aUOn. and sn msuwn~nt ol tM pra~rum ttut w~q
becom~ dw ~nd paYabb to r~w tM mwtp~p~ mwAnc~. d an~r Such unullm~nts sh~u b~ pua1. rospscuwly. to on~~tvwlhh (til2ihl of ?M ~s-
nmat~d pnnuum a p~mwms /a sucA u?wr~nq. snd u¦~s ~nd ass~asnwnts n~at dw Iss ~sUmu~d by tM Assoc~s~anl I~ss ~u uistsum~ms ~Inady
ps~d ~hKNp. d~v~d~d by th~ numWr d monUu tMt ~r~ to NpN a» month prwr to tM dau wMn such pr~mwm a pnmwms snd ua~s and
sss~ssm~na vw0 Wca+» d~MnWM+t. Th~ As~ocwtan. wh~M pply~p weh p~ym~nts to a?wraM.v prsm~ums. ux~s k+d sss~ssmMts. Mta~ t1» ssrr»
bscan~ dsM~t. sAaN nol piy ~nlK~st lo tM Matpspor on wch tunds. and aU such payrn~nts may be coi??rnup?W by tM Aswasua+ w~th any ;
otha such fu~ds a nnth rts own funds TM lunds ar~ pNdp~d u Wd~uon~1 s~cunty fa ths wms s~cursd by ths Mo~tpsys and s~~ wb~~c~ to us~ by . ?
~n. nu«uu«+ ~n parm~M a•~au chuO.s ~.nd o.nt cou.aa~+ cnuy.s
(bl Afl piYrtNnls mMtwMd m iM p~cW~~p M+bNtUOn ol lhK pi?ayraph ind ~if paymcnts to ba mad~ undH tM ~ote s~tu~ed Atr~by sAall pe add~d ~
togetMr s~d tM syp?p~t~ ~mount tMr~ol shaN b~ pad by tM Maty~por uacn mont~ m a s~ny~s paYma.N to W apphsd by ths Assoc~atan to the
fdbannp ~Nms m tM or~ s~t lath 1 T~aq, ass~suMnts. ~od ~~wrN~c~ pem~ums 2 L~n charpes' a~d Dsnk collectw~ chsrq~s. un~eu psd m F
mann~r prowd~d n pupr~ph 4 lal 3 I~tK~st on tM noN MCwW tar~by 1 Amwbtitan of ths pnnc~pal ol sad rqt~
My d~fic~+cy in tM amount ot such ~pprpia monthly p~Yma?n shaN. unlsss paid by ths Matyapa prar to tM due dau d the rwat such paym~nt. con-
stituts an event d d~hu11 undK qN mortyp~. Without wsiwr o1 anp npht. tM Auoc~atan may cdlsct a"bts chargs" u provwisd ~n ths Nots.
5: That ~f ~M total ol tM ps~m~nfs mad~ by tM Mortp~9a w~dK ol p~rayrapA 4 pnc~du+q shs~t ~xcNd tM ~mouM ol paYments ~ttwMy msCe bY tM
Assouatan (a taxss ~~d ~ss~ssm~nu o~d u~wru~c~ pr~rtaums, as tM uN inay b~. such eacess sfwll b~ cred~ad by tM Assoc~uwn o~ w~nt p~yments `
to be msds by tM Matysqa If. hovwwr. th~ montMy paym~nts mad~ by ths Matyspa unda UI ol psrsprsph ~ pac~np shau no~ h~w bNn wtf~cHrnt to `
pay uaes and sssesuMnts and a?wruK~ pn~roums. as tM us~ msY 0~. wMri th~ sams s?wU becoms due sn0 piYSbls. then. tM AssocNtwn may. st ~ts op-
tron. ~mmed~stNy psy suth tu~s and ~ss~ssm~nts ~nd r+swN~ts pr~mwm. ar?d th~ Mortpaya shsll psy to tM Assoc~stan sny smouM netessshr to make up ~
~he del~c~ency. and wch p~ym~r?t sh~p b~ du~ ~~d p~y~bl~ vrrtlnn tlwrty i30) days ~her ths ats of msd~nq ol nouce by the Assoc~atron setu~+q kxth tM ~mount
of wcA det~cNney. It. ~t ~ny MM, tM Nlatppor sh~p tNWM t0 tM Assouauon. n sctadance vwlh tM pOV~s ol the not~ sKUrsd Mrtby.1u11 paym~nt ot
N~e entre ~nde~tednsu rpr~m~d hK~r. tM Assoaatan shNl m compuunp tM ~mount ol such ~nd~btedness. aad~t to ths account ol ~n~ Mortyspa sny
balancs remawnq in tM funds accumulaad w+da tM powsa~s ot (a) of psrsqrsph 4
6 7o perm~t. comrrwt a wfh~ no w~st~. impaum~nt a tNtHa.stan of sad prop~rt~r. a sny part thereof. snd upo~ the Isdure d the Matys9or ~o ks~p tns
buddi~gs on ssd propMty m pood cad~UOn a r~pau any msmtensnt~. tIN Assoc~atwn msY demand Wope~ ms~~teMi+ce a~d tl?~ ~mmsd~ste ~sps~r ol ssd
buddngs. w an mu~ss~ m th~ smount ot s~cu~~ty. a tM ~mm~d~~t~ rp~yment of tM debt hs~eDy securad. snd the fsdurs of tM Mortpapa to canply vintA
sard demaod o~ tM Assocutan fa a pKad of tlu~ty (30) daYS shNl cauutut~ a brsxh ol tlws mortpsps. u+d. at ths opcan ol tM Assocatan. ~mm~dstsly
matwe ths enuro amount d pr~psl ~nd ~ntsnst Mnby s~cund. ~nd tM Assoaatan ~mmed~stel~r and vmt?aut notKS msy ~nst~wts p~ocesd~nps to /aecbss
d+~s mortQags snd apply fa tM appantmN?t o1 ~ nc~iv~r. ~s Mr~whK pov~d~d. and ~n c~se of ths refussl, nsylect a mabl~ty of ehs Mon9spor to rspsu and
mau~tsm sad popsrty. tM Assoc~atan msy. ~t rts optwn. malc~ such rp~~n a ceuse t~e ssme to be msde. a~d advance mawys m ~hst behsll
7 To perf~m. comply wuh snd sbd~ by ~~cA ar+d w~ry tM sapulations. apreements. cond~tans snd corenants n sa~d prom~ssory note and tMs mortp~qs set
forth ~
8 To cwnphr vr~tA tM subd~wsan rptr~cbor?s snd tM muncqwl raa~p adoanc~s applKaWs to the mwt9agad property. not fo ersct w perm~t to bs erscted sny
new bud6ngs on th~ prem~srs Mn~n mo~tp+pW a to ~dd fo a pe~m~t to be ~dded to. make a perm~t to be msds, s~y struc[ur~1 al[e~stans to any of. tM
Kc~ng ~mprowmeMS thsr~on w~thout tM wntten conssnt of tM Assoastan. and m the event o~ snY va4tron o~ sttempt to v~olste thess supubtarn. a u~y ol
tAem. tMs mortgsys snd ~N wms s~cur~d MreCy sh~tl ~mm~d+atNy b~cans_ dw srd psYSWe st ths optan ol fhe Assoc~atan.
9 Thst m case of a dstsult u? an~r ol tM t~rms ol tMs matpp~ and tM fd~np ot ~ bdl to torecbse tMs or any other mortysge encumbenn~ the vmth~n desi,nbed
p.operty. the Assoasta~ shaN bs ~nptNd to apply. ~t ~ryr nm~ nnthout rauce pend~ng such loreclowre w~t. to the court hawr+p ~unsd~ctwn thereol ta the sp-
po~ntme~~ ol a rece~wr ol aN snd s~npular tM mwt9sy~d poperty, and o1 sll ths ?e~u. u~comss. profrts. ~sw~s and revenues thereof. Irom whatsoevsr souru
der~ved. and. tMreupon. n n hN~Dy ~:pr~sshr cown~~tsd ~nd ~pssd that the court shatl fatAnnth appant a recerver of ssrd matysyed poperty. atl and
s~rx,~u~a~. and ol wch rsnts. mcom~s. pol+ts. ~sw~s ~nd rw~nuss tMrsol. (rom whatsosver source denved. wnh tne uwal powe~s and dut~es of racervea m 6ke
cases. and such appantment shall be m~ds by such court ~s a mattM o1 stnct r~pht to the Assocwtwn. and wdhout rete~ence to the sdequacy or ~nadsquscy of
~he value ol the ~operhr hereDy matps9sd. a to tns solvency a mso~vs~cy of the Mwtpagor. and that such rents. profits. ~ncwnes. ~ssues. snd rever+ues shaM
be app~red b~r such rece~ver to ths payment of ths mortysps ~ndebt~drless. costs snd thsrpef. ~cCadup to tAe wder of wch court
10 That ~n the event ths ownershp ol !M mort9spsd prertwsss. a s~y put tMreo/. bscomes vested ~n a person otl+er thsn tne Mortyapa. the Assoc~atan msy.
w~ihout notwe to the Matpaqa. d~sl wrth such succ~ssa p successas m ~nt~rest vnth ~efererxe to ilws matysge and the debt Mreby sscured. ~n the same
manner as wrth the Matya~or. vnthout m sny w~y v~hstu~p or d~scharpmp ths Mortysgoi s dabl~ty hereu~der w upon the debt Mreby sscured No sak ol the
p~em~ses hereby rtqrt9s9sd snd no lorbe~r~nt! On tM p~rt O~ iht Ariopi[wn. ,nd no extensan OI the Gme fq Ihe piyment Ot i1?e dlbt hOreby Setured g~ven
by ~ne Assoc~atan. snau opena to rale~s~. d~scnsrpe. mod~ry. chanye w sNect the a~nat hsbhty of the Mortgaflor Aere~n. erther ~n whde w m pan
1 1 TAat ~n the event the premises Mnby matyspsd. or ~ny p~rt therwf. ~II be condemned and taken unde~ tM power ot emMent doma~n. tAS Assoc~atan shall
have tne r~ght to demand that all dsmsyes awsrded for ths alunp ol a uyury to sa~d prem~ses shaN be pad to the Assouat~on. ~ts wccessws a ass~gns. uD to
the amount then unpa~d on ttws matpsye. ind m~y be ~pplrod to sny wms Isst payablo hereunde~
12 That t~me ~s of the essence of tMS contrsct snd that ra wansr of any opl~gatwn hereunder. w o~ the obl~gat~ai secured hereby. shall at any t+me thereaher be
neld to be a wa~vs~ of ths te?ms hereot w of the pom~sswy no~e secured AereDy
13 In the avent of any de(sult m any of tAe tMms ot tMs mat9s~s. a~n ths note secured Aereby. and acce4eratwn by the AWder, w any other s~tuatwn that woufd
cause the ~nterest pad or p~yable undsr tMS obt~pstan to ~xceed the ~ntaest rats authw~:ed by law. then ~n such event alt eacess ~nterest thereto(we pad shall
be cred~ted to pn~~pal snd aN sccn?sd and unpa~d eacesz ~nterest sha11 sb~te and shall not be an obl~gatan ot the maker w of arry other person
14 That to the eatent of the ~nMbtadness of tM Mortyayor to the Assoaatan aescnbad here~n or secured nereby. the Assoc~atan ~s hereby wGrogated to tAe 1~en
a Dens and to the nyhts of the owner snd holdsr ths~so~ of esch and every matgspe.l~en w othe. encumWance on ihe ~and essu~bed Aere~n. w?uch ~s psd and
sat~st~ed. ~n whols or m psrt. out of tt~e pocs~ds of th~ losn d~scnbsd hermn w secured hereby. and the respect~ve I~e~u ol sad mortgages. bans or other en-
~ cumbrances. shalt be. snd the ssme. snd each of tMm her~by n p~eserved ~~d shs~~ pass to and be hekl by the Assoc~atwn here~n as secunty (or the m- _
debtedness to the Assoaata~ hereu? dsscnbed or MrsDy secured. to the ssme eatent that ~t wouW have been preserved and woufd have been passed to and
been held by the Assoaatroa had rt bean duly ~nd reyubrty asspnsd. trs~nlerred. set over. and dehvered unto tMe Assouauon by separate deed ot ass~gnmem.
' n
~I notwnthstarW~r?g the (act thst the ssms msy bs sstnhed and ca~celled of recwd. rt be~ng the mtent+on o~ the part~es hereto that the same wnll be saust~ed and
~ cancelled o( recad by tAe holdsrs therwt st ot about tM bms ol tAe recwd~ny of ttas mortgage
~ 15 Tha~ ~t any of the wms ot money here~n roferred to be rat promptly snd fulty pad nnthm thucy 130) days ne•c aiter ?he same severalty become due and pa~abte.
' or ~i each and every the st~pulaUOns. apreemenu, cor~tans and covenants of sad prom~sso~y note and tn~s matgage. os e~ther. are not duly pertormed. com-
E pi~ed w~th and ab~ded by. the aggregate wm unps~d uodsr sad prom~ssory rate and th~s mortgage shall become due and payable torthw~th w thereafter, at the
~ optron o( the Assouatan. as fuNy and completely ~s d ssd spprepate sum of money were a~gma~ly sUpulated to be pa~d on such day. anytMng ~n sa~d
promissory rate a here,n to the conuary noMnthsand/np
16 That ~n order to accelerate the matunty ol tM ~~Webtedrieu hereby secured because oi the ta~lure of ttw Mwtgagor to pay any tax assessment. I~abdity. obhga
~ no~ o~ encumbance upon sa~d propert~r ss herem prwded. rt sh~l~ not be necessary nor requ~s~te that t1~e Assouauon s~al1 hrst pay tAe same
~ i 7 tf a conveyante should be made by the Mortys9or ol the prem~ses herem destnbed. or any part Aereot. and tt~e g~antee rWmed ~n such conveyance taJs o~
~e~uses to aswme tr+e payment of the obl~ystwn ev~denced by ss~d p~om~ssory note andsecured bY th~s mortgage. and ~n accordance wrth tne~r respecuve
terms. and abde by the rules and rsyulstwns of the Assoc~atron. ~nclud~~q payment o~ a reasonable trans~e~ fee. then. and ~n tha~ event. at the op~wn and upon
the deman0 oI t?~e Assouata~ sll sums ot money secursd Aereby shall ~mmed~ately become forthvnth due and payable -
18 That the abst~act w abstracts ol btla covenny the mortp~yed p~operty shall at atl t~mes. durmg the bfe of th~s mortgage. rema~n ~n the possess~on ol the
Assoaat~on and. ~n event ot the foreclowre of tA~s mortp~9e. or otAer transfer ot t~tle to the mortgaged property. m e.ungu~shment ot the mdebtedness secured
ne~eby a11 rght t+tle and mterest of the Mwtga~ m and to a~y such abstracts o! otle shall pass ro the purchaser o+ g~antee
19 Sbould the val~d~ty w I~en o1 th~s ~nortyspe a ths note secursd thereby. be contested by I:t~gatwr~ w otherwrse. the Mortgaga agrees to pay to the Assoaatwn
cne cost of defend~ng the same ~ndud+np s rossonaWe anor~sy s ~ee
20 To pay a:l and s~ngu~ar the costs. charges and eipenses. mclud~ng attaney's (ees +easonably ~ncu~red, w pa~d at any t~me by the Assoaat~on. because ot the
fadu~e o1 the Matgagor to perfam. comply with and ab~de by each and every the supulahons. agreements. condrtwns artd covenaMS oi sa~d pramssory note
and ~n~s rtwrtgage. w e~ther. and every wch (except tor the payment ol the rtw~t~ly mstallment as required by the Prom~ssory Note) shall bear mterest trom
date at the rate ot te~ per tent 11096) per annum untA futly pa+d
21 Tne Aasouatwn shall have the rrght at srryr t~me snd trom ume to Ume snd w~thout not~ce to or consenc of any pe~son to !al re:ease any portwn of tAe prem~ses
Irorn the hen of th~s mortgage. Ibl ~elease arsy person lab~e br payment ol any ~ndebtedness xcured Aereby. Icl e¦tend the ume of payment or alter tl~e terms
01 paymem of all w any part o~ tAe ~ndebtedneu. rv~thout aHecunp w roleas~ng the personal bab~l~ry of any person I~ab1e lother tban any person reteased pur-
~ suant heretol for ihe payment of at~y wm or interest Sltured hlreDy sod wrthout ~n any wise a1S6~~~g. vary~ng. or dimmis~~ng the /ortBS. etfect5. Or ben of tMs
mo~tgage on aI1 the prem~ses not specAKally relessed trom the I~en ot th~s mortgape by the Assouauon
_ 22 Any ay~eement hereafter made by Mortyayor and Assoaat~on pu~suanl to th~s mortgage shall be super~or to the r~yhts of the holder o~ any ~ntervemng I~en w
~ entumb~anc2
~ 23 VOOn ~eauest of Mwtgagor. the Assoc~atan may. at rts sde opiron. (rom ume to ume. Defore fu11 paymem of atl ~ndebtedness secured hereby. make (urther aA
~ vanr.es to Mortgagor. prov~ded. however. thst the totsl prmwpsl secured Aereby a~d rema~n~ng unpa~6. ~ncludmg any such advances sha~~ not at any t~me ea-
~ ceed the ong~nal pnnapal wm secured hereby Mortpsyw shall pay all such further advances w~ch ~nterest and ~he same shalf be secured hereby AII prov~sans
of th~s mortgage sha11 apply to each turthsr advance ~s we11 as to sII other ~ndebtedness secured hereby No~h,ng herern conta~ned however. shall I~m~t the ~
amount secu~ed by th~s mortgage ~t wch srnount ~s ~nuessed by advances made by the Assoc~st~on. as here~n elsewhere prov~ded for to protett the setunty
~ 24 1~ the event the Mo+t here~n, or an wbse ~
~ g0gor y quent MOrtgagw. or any person w corporatan ownmg any ~nterest whatsoever, should entumDer the property
t liere~n mortgaged by an mstrument commordy referred to and known as a' wrap around mortgage"' wrthout (irst obtam~ng the wntten consent oi the Assoua-
~ Uon. it~en. at the optwn of the Assoc~atan. the obligatan secured by tMs Mortgage shall ~mmed~atelv become due arxl payable ~
~
~ 25 To provde the Assouatan vnth flood Insurance Coverage d tAe real property ~s now or hereafter dete~rror~ed to be w~th~n a spenal tlood harard area as stwwn
p on flood Hazard Boundary Map/Flood liuurance Rste Map as puW~shed by the Fecferal Inwrance Adm~rnstratan
~ 28. At the request o( ths Mortyspor. th~ Associatan ~~s~s to wsiw tM pmnsans of parogrsph 4 relatrve to the creaUOn o~ a haiard ~nwrance accounL prowded.
~ ?+oweve~. that ths Assoc~stan nts~ns tM rpht ~t rts optwn. to rs-~nsuts wch pronsqns of sad parap~aph 4 as an obl~yatron ot tl~e Mortgapa hersunder uppi
ths happeruny o! sny of tM tollowinp
A fadurs to msk~ any psymsnt rpuuW und~r tM tKma of tM note on w befwe the due date the:sol
B. fadure to comply vnth tM rnwr~nc~ prov~s~o~s o1 pupr~pA 3. a ol any ol th~ otMr terms ~nd cond~tans of th~s mortQays a nots. a with ths x?sixance
reqw~sments contsm~d m tM Detbntan oi Condpmuuum ~nd rel~tsd dotuments slauld the morlgagbd property bs committsd to tondornNUUm
developrntnt.
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M«„2 312 P~~~13~1
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